ASTORIA INVESTMENTS LIMITED - Share buyback

Share buyback

ASTORIA INVESTMENTS LTD
(Incorporated in the Republic of Mauritius)
(Registration number 1297585 C1/GBL)
SEM share code: ATIL.N0000
JSE share code: ARA  NSX share code: ARO
ISIN: MU0499N00007
(“Astoria” or “the company”)


SHARE BUYBACK


1. Introduction

   Shareholders are referred to the announcement published on Wednesday, 25 January 2017, advising that the board
   of Astoria passed a resolution on Tuesday, 24 January 2017 authorising the buyback of up to 6 327 000 Astoria
   shares (“Buyback”) representing 4.99% of the issued share capital held by the public (“Buyback Shares”).

2. Rationale for the Buyback

   It is the board’s view that Buyback Shares repurchased at a discount to their net asset value is an efficient use of
   Astoria’s cash. The Buyback is expected (in the absence of other factors) to be value enhancing for shareholders.
   This is because the pricing at which the Buyback will be implemented is less than the intrinsic value of the
   Buyback Shares with the result that the net asset value of the shares in issue after the Buyback will (in the absence
   of other factors) be enhanced.

3. Timetable

   The timetable for implementing the Buyback is as follows:

    Commencement date of Buyback                             Friday, 5 May 2017
    Closing date of Buyback                                  Friday, 3 November 2017

   The above dates are subject to change. Any changes will be announced on the SEM website and the SENS.

   The company may terminate the Buyback at any time, irrespective of whether any or all of the Buyback Shares
   have been repurchased which termination will be announced on the Stock Exchange of Mauritius Ltd (“SEM”)
   website and on the Stock Exchange News Service (“SENS”) of the Johannesburg Stock Exchange (“JSE”).

4. Buyback price

   The pricing at which the Buyback will be implemented is subject to amendment prior to commencement of
   the Buyback. In light of current market volatility the board of Astoria will constantly review the Buyback
   pricing before the commencement date of the Buyback in order to best achieve the objectives of the
   Buyback. Any changes will be announced on the SEM website and SENS.

   As previously communicated, the current cash consideration payable by the company for each Buyback Share will
   be at a price between R0.01 and R11.66 on the JSE and at the Mauritian Rupee equivalent price range on the SEM.

5. Explanatory statement and special meeting

   An explanatory statement providing shareholders with the relevant information relating to the Buyback and a
   notice convening a special meeting was posted to shareholders today, 6 April 2017, and is available on the
   company’s website. The special meeting of Astoria shareholders will be held at 12:00 Mauritian time (10:00 South
   African time) on Thursday, 4 May 2017 at the registered office of the company for the purpose of considering and,
   if deemed fit, passing, with or without modification, the special resolution required to approve the Buyback.
6. Board recommendation

   The board believes that the Buyback is in the best interests of the company and its shareholders as a whole.
   Accordingly, the board unanimously recommends to shareholders that they vote in favour of the special resolution
   to be proposed at the special meeting.

Astoria has its primary listing on the SEM, a secondary listing on the AltX of the JSE and on the main board of the
NSX.



6 April 2017


JSE sponsor
Java Capital


SEM authorised representative
Capital Markets Brokers


NSX sponsor
Namibian Equity Brokers (Pty) Ltd


Mauritian company administrator
OSIRIS Corporate Solutions Ltd



This notice is issued pursuant to SEM Listing Rules 11.3. The Board of Astoria Investments Ltd accepts full responsibility for the
accuracy of the information in this announcement.

Date: 06/04/2017 01:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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